The first of the major banks’ quarterly provincial economic forecasts for 2022 is out.
It comes from the team at RBC Royal Bank, which is generally the most bullish on Saskatchewan – and they are maintaining that position.
RBC Royal Bank is now projecting Saskatchewan’s economy will expand by 5.7 per cent this year. That is second–highest in the country, only a tenth of a point behind Alberta.
The bank says strong commodity prices – led by oil – will push the two Prairie provinces to the top of the list as we move through the year.
Alberta is riding oil price increases. So is Saskatchewan, but we have a much larger agricultural component which is also rising.
And Saskatchewan’s potash industry – something no other province in Canada has – is in growth mode too.
BC joins us to round out the top three as Western Canada once again shows itself to be the national economic engine that will create jobs and attract significant levels of capital investment.